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Nassau board selects Phelps/VFSI insurance package after competitive bids
Summary
After reviewing bids from multiple brokers, the board approved a Phelps/VFSI insurance package that consolidates multiple coverages into one policy and recommends increasing the umbrella limit; board noted potential savings compared with incumbent.
The board reviewed three bids for municipal insurance, including packages from Gallagher & Associates, the Rias Group, and Phelps/VFSI. Chair (S1) summarized the bids and noted the Phelps option grouped general liability, public officials, and law enforcement coverages together under a single policy with a $2,000,000 umbrella; board discussed adding another $1,000,000 umbrella for an additional cost of around $690.
Members noted the Rias Group's lower premium but recommended Phelps based on coverage structure and familiarity; a motion to select Phelps was made by Guy, seconded by Rich, and carried by voice vote. One board member framed the choice as an opportunity to save roughly $20,000 compared with the incumbent while retaining broad coverage.
